Man Indicted for Taking Down Payment Funds from Clients for Personal Use

Allison Tussey —  July 22, 2013 — Leave a comment

Richard Saddler, St. Louis County, Missouri, owned Omicron Capital LLC, a company in the business of assisting customers in refinancing commercial and real estate loans, has been indicted on fraud charges.

According to the indictment, between January 1, 2010 and March 31, 2012, Saddler accepted roughly $250,000 from at least five customers and said that the money would be used for down payments or appraisals. Instead, Saddler actually used the money to pay the mortgage on his home, which was in danger of foreclosure, as well as airline tickets, meals, and other personal expenses.

Saddler was indicted by a federal grand jury on three felony counts of wire fraud.

If convicted, wire fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.

This case was investigated by the Federal Bureau of Investigation. Assistant United States Attorney Hal Goldsmith is handling the case for the U.S. Attorney’s Office.

As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

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Allison Tussey

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